LA Community Changes Hands for $24M

Lion Real Estate Group purchased the 100-unit asset in 2015 for $15.5 million and sold it after renovating more than half of the property.
Park Terrace Apartments.
Park Terrace Apartments. Image courtesy of Yardi Matrix

Lion Real Estate Group has sold Park Terrace Apartments, a 100-unit community in Reseda, Calif., for $24 million. The company purchased the value-add property in 2015 from JB Partners Group for $15.5 million and renovated approximately 62 percent of the building.  

Located at 6425 Reseda Blvd. in the San Fernando Valley, Park Terrace is within 2 miles of the Sepulveda Basin Recreation Area and Sports Complex. Interstate 405 is roughly 4 miles away, with downtown Los Angeles approximately 22 miles of the community. Nearby Ventura Boulevard provides a variety of shopping and dining options.

Completed in 1969, Park Terrace Apartments encompasses one- and two-bedroom units, ranging from 534 to 875 square feet, according to Yardi Matrix data. Common-area amenities include controlled access, a swimming pool, a fitness center, laundry facilities, bike racks and covered parking.

Marcus & Millichap’s Jeff Louks and Michael Sterman represented both parties of the deal. Lion Real Estate Group recently purchased a Nashville property for $20.8 million from The Sterling Group.